Possession utility is created by transferring title (or ownership) of a product to thc buyer; For a product as simple as a pair of shoes, ownership is usually transferred by means of a sales slip or receipt. For such products as automobiles and homes, the transfer of title is a more complex process. Along with the title to its product, the seller transfcrs the right, to usc that product to satisfy a need (see Figure 1).
Place, time, and possession utility have real value in terms of both money and convenience. This value is created and added Lo goods and services through a wide variety of marketi rig activities—from research indicating what customers want to product warranties ensuring (hat customers get what they pay for. Overall, these marketing activities account for about baLl of every dollar spent by consumers. When they are part of an integrated marketing program that delivers maximum utility to the custornei; most of us would agree [hat they are worth the cost.
Place, time, and possession utility have real value in terms of both money and convenience. This value is created and added Lo goods and services through a wide variety of marketi rig activities—from research indicating what customers want to product warranties ensuring (hat customers get what they pay for. Overall, these marketing activities account for about baLl of every dollar spent by consumers. When they are part of an integrated marketing program that delivers maximum utility to the custornei; most of us would agree [hat they are worth the cost.